Draw production possibilities frontiers for belgium

Reference no: EM133630062

Question: 1. Welfare in the Standard Model Belgium and China can produce industrial equipment and textiles. Suppose that China has a comparative advantage in textiles while Belgium has a comparative advantage in industrial equipment.

a. If the underlying source of comparative advantage comes from specific factors, what assumptions on technology and endowments would lead to each country's comparative advantage?

b. Draw production possibilities frontiers for Belgium and China consistent with their comparative advantages with industrial equipment on the y-axis.

Reference no: EM133630062

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